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Craig Wright’s Ferocious Speech, Investors Move from Gold to Bitcoin: BTCManager’s Week in Review July 10

Reading Time: 4 minutes by on July 10, 2017 News, News Digest

At the Future of Bitcoin in Arnhem, the alleged Satoshi, Craig Wright, held a furious talk, which was interrupted by emergent eruptions of applause. During his speech, he reignited the block size debate by attacking Core and announced that he would actively fight SegWit. He promised to soon launch a mining pool, with at least 20 percent of the network’s hashrate, which will not confirm SegWit transactions. So SegWit transactions will be slower than legacy transactions.

Given that the conference was sponsored by Bitmain and Bitcoin Unlimited, his speech and ideas were well received by the crowd and have since been the topic of much discussion in the wider bitcoin community as it has added more fuel into the fiery bitcoin scaling debate. Let’s not forget that if the bitcoin community’s stakeholders can not come to an agreement on how to scale bitcoin this could lead to the break-up of bitcoin into two cryptocurrencies.

The price of bitcoin, however, was not fazed by Wright’s speech or the reignited block size debate. Bitcoin was trading at around $2,450 to reach the $2,600 mark on Sunday. However, on July 10, BTC-USD has experienced a dip of more than six percent, dragging the rest of the cryptocurrency market down with it. Bitcoin is trading around $2,350 at the time of writing.

This price recovery was partly driven by investors moving money out of gold and into bitcoin as well as other cryptocurrencies such as ether according to Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors. “Cryptocurrencies are cannibalizing demand for gold. Bitcoin is arguably becoming a scarcer store of value,” Lee wrote in a client note on July 7. Fundstrat expects bitcoin to reach $20,000 by 2022 and could envision a rise to $55,000 per coin should central banks start buying bitcoin.

This week’s review is compiled from contributions by Alex Lielacher, Christoph Bergmann, Jamie Holmes, Michael Scott, and Nuno Menezes.

South Korea Prepares Legislation to Regulate Cryptocurrency Market

South Korea has announced plans to adopt changes in its existing laws in order to create a more regulated space for cryptocurrency trade to occur. These changes are part of an effort to protect South Koreans from any possible risks arising from a lax regulatory framework.

The bills are being prepared by Democratic Party of Korea representative, Park Yong-jin. Park is aiming to introduce three bills to alter an equal number of acts currently in place. He expects to ready and table the bills by July 2017.

Speaking to the Korea Herald, Park explained his motivations for creating the bills stating that “there is a need to address the void of a state-led protection that guarantees digital currency’s value, digital currency’s non-exchangeability to other existing currencies as well as the possibility of wreaking havoc on national economy from digital currency bubble burst.”

World Economic Forum Calls for Better Blockchain Governance

The World Economic Forum published a paper about how better governance structures can realize the huge potential of the Blockchain and cryptocurrencies. The article, written by Don and Alex Tapscott, gives a thrilling overview of the governance of blockchains and the Internet and outlines how it can be improved.

While earlier publications of the WEF mostly introduced to blockchain and outlined its potential, the recently published paper is dedicated to unleashing this potential. That it is huge, seems out of the question.

Research at University of Sydney Leads to Creation of New Blockchain

The University of Sydney has revealed the creation of a new blockchain, which it believes showcases unparalleled advantages over the blockchains currently in use in cryptocurrency and business settings.

The new blockchain is being developed by researchers at the university’s School of Information Technology under the Concurrent Systems Research Group. The CSRG has named the new blockchain ‘Red Belly,’ a reference to the notorious Australian snake of the same name.

The blockchain has showcased a number of qualities that make it better than the Bitcoin or Ethereum blockchain. According to their research, Red Belly is faster, more secure and shows better potential for scalability. Due to these factors, the researchers believe the blockchain has the potential to transform the world’s economy.

Is North Korea behind the WannaCry Ransomware?

Security experts assume that hackers from North Korea are behind the WannaCry ransomware which in May infected thousands of computers around the world, encrypted data and demanded bitcoin to decrypt it again. Beyond this, we find some more news about North Korea and Bitcoin.

Several security experts agree that the traces go to North Korea. The perpetrator is the Lazarus group, a group of hackers which is assumed to operate in North Korea. Earlier Lazarus hacked the government of South Korea, the arch-enemy of North Korea, as Sony and the Swift system of the Bank of Bangladesh.

According to the security experts, among the Kaspersky Lab and Symantec, there have been striking similarities in the code of WannaCry and earlier software written by Lazarus. Thus they assume that Lazarus is behind the malware epidemic.

AlphaBay’s Downtime Unnerves Users: Another Exit Scam?

On July 5, the largest dark net marketplace globally disappeared, with vendors and buyers unable to access their accounts and any bitcoin or cryptocurrency associated with it. Five days later, on July 10, there is no sign of the marketplace coming back. As the largest dark net market, even dwarfing the infamous Silk Road, the site could be experiencing an attack that is has never experienced before but there are other competing explanations.

Waves Rolls Out New Partnership with Deloitte CIS and USD Gateway

In a move intended to further their footprint in the blockchain world, Moscow-based Waves Platform announced that it had signed a memorandum on a strategic partnership with the prominent global consultancy Deloitte CIS. The partnership is aimed at providing clients with comprehensive initial coin offering (ICO) services and customized blockchain solutions targeting towards specific business tasks.

Under this memorandum, Deloitte’s experts, who possess extensive legal and tax expertise in implementing technology projects, will provide the necessary consulting and methodology tools to businesses and government bodies alike.  This initiative will underscore long-term advantages and opportunities for the companies implementing digital technologies. Another key objective of the partnership is to develop the legal mechanisms for regulating ICO projects. Currently, no such mechanisms exist in the market.

Dadiani Fine Art Announces the Acceptance of Cryptocurrency

Dadiani Fine Art (DFA), one of the most prestigious Galleries in the UK, announced June 29 it was preparing to accept six of the leading cryptocurrencies for works of art. With this, DFA is positioning itself as the precursor to a new revolution in the world of Art.

The gallery will initially start accepting bitcoin and five other principle digital currencies; ether, ripple, ether classic, litecoin and dash and it plans to accept more digital coins in the future.  One other surprising development is that DFA will also be launching its own coin, DadiCoin (DDC), which will be based on the Ethereum network and the listing will soon be announced.

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